Comments on: Foreclosure Home Remodeling

By: college

college — Tue, 15 Sep 2009 22:06:59 +0000

Try 80,000 then they will make a counter offer. It better to start low.

$1.00 Homes Auction No Reserves Huge Selection Buy a local FOreclosured home NOW. http://www.foreclosurehouses.webs.com/
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By: J. Edward Egavas

J. Edward Egavas — Tue, 15 Sep 2009 22:04:59 +0000

Walk away from a ‘cancer’ like that! You will spend as much as the asking price just to get it livable.
If you still persist that you believe you want it; offer no more than 70% but consider starting at 50%. You may be pleasantly surprised. I have bought tax sale property for pennies on the dollar. I have also bought foreclosures for considerably less than the asking. You may also try to contact the previous owner and check with them. many times there are options there that haven’t closed the door on yet. People, because of circumstances, sometimes must walk away. This does not mean that you should prey on their misfortune but check them out. Many times your ability to assume their libility is (or can be) a boon to them as well as to you. Check it out! While you are at it; check out ‘all’ of your options, particularly on foreclosures.
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Been there/done that!

By: David Z

David Z — Tue, 15 Sep 2009 22:02:59 +0000

Without knowing the area there is no way to answer. $100,000 could be fair offer or $80,000 might be right. I will say lender is likely to stay close to asking price. They will lower price every few weeks and take their chances that way. Next price reduction will be $129,000 in about 4-6 weeks.

If mortgage balance was $121,500 it is hard to imagine it is worth more than that. If it was, the seller would have sold it to salvage something. the seller allowed it to foreclose so presumably it is worth less than $121,500.

Whatever you decide offer the fastest closing you can. 2-3 weeks would be helpful. That would make your offer substantially better than other competing offers. There is zero chance they will accept contingency offer if you have to sell a home first.

Think about all the stuff you need to fix and once completed what could you sell house for? You should be able to turn an immediate profit on a foreclosure, albeit a small one. If not then there is no advantage to buying this property.
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By: Lisa

Lisa — Tue, 15 Sep 2009 22:00:59 +0000

Offer $122,000. I can't see the bank taking less then they lost in the foreclosure.
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By: golferwhoworks

golferwhoworks — Tue, 15 Sep 2009 21:58:59 +0000

$120,000 sounds about right but try for a fha 203K loan for the repairs and add those in to your loan if you can I am a mortgage banker in TN
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By: MP

MP — Tue, 15 Sep 2009 16:56:56 +0000

What should I offer for a foreclosure home?
My Husband and I found a home we like, but it is a foreclosure that needs some work before we could even move in. The asking price is $133,900 that just recently dropped from $139,900. From the records it looks like it foreclosed in January for $121,500. Some of the big expenses we would incur are: The retaining wall needs to be replaced, the deck needs to be reinforced, all the flooring needs to be replaced and fresh paint throughout. 2 1/2 bathrooms need to be remodeled. These are all have to remodels, not just preferences. In the next five years, the roof and heat pump will probably need to be replaced, also it has masonite siding instead of vinyl so depending on the condition of that it might need to be vinyl sidded! Any suggestions of a offer price since we would have to put so much into it?